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Sunday,
June 23, 2002, Chandigarh, India  
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HFCL nets
Rs 66 lakh
Coal
sector posts 6 pc growth In the
wonderland of investment |
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Graphics:
Doubts
over ticket auction
Award of
back wages
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HFCL nets Rs 66 lakh Mumbai, June 22 The total income has increased from Rs 254.91 crore in MQ 2001 to Rs 284.15 crore in MQ 2002. The company has posted a net profit of Rs 41.58 crore for FY-02 compared to a net profit of Rs 127.9 crore for FY-01. The total income has decreased from Rs 1378.53 crore in FY-01 to Rs 907 crore in FY-02. The company has written off Rs 2.63 crore on account of bad debts for the current year whereas the same was Rs 102.36 crore in FY-01.
Bombay Dyeing net down Bombay Dyeing & Manufacturing Company has posted a net profit of Rs 7.95 crore for quarter ended March 31, 2002, registering a drop of Rs 12.26 crore from Rs 20.21 crore for corresponding period last fiscal year. The total income (net of excise) has decreased from Rs 263.15 crore in MQ 2001 to Rs 197 crore in MQ 2002. The Company has posted a net loss of Rs 29.06 crore for FY-02 as compared to a net profit of Rs 18.13 crore for FY-01. The total income (net of excise) has declined from Rs 916.11 crore in FY-01 to Rs 828.81 crore in FY-02. The Board of Directors has recommended a dividend of Rs 2 per equity share of Rs 10 each for the year ended March 31, 2002.
UNI
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Rahul Bajaj hospitalised
Mumbai, June 22 Bajaj, who was in the city to attend a meeting of Mukund Steel, was rushed to the hospital Friday evening after he complained of chest pain, sources said. Doctors at the hospital said Bajaj is recuperating. The Bajaj group of companies hit the headlines this week after unnamed family sources were quoted as saying that the business empire was heading for a split. Rahul Bajaj is Managing Director of Bajaj Auto, India's biggest manufacturer of two-wheeler scooters. It is the flagship of the group and is controlled by Rahul Bajaj and his family. Though a split will not affect the company, household members may disinvest their stake in the firm, reports said. Bajaj Auto shares fell sharply on Friday after reports of a split appeared in the media. The reports said Rahul's younger brother Shishir Bajaj has sought to steer Bajaj Hindusthan, Bajaj Sevashram and Deccan Ayurvedashram away from the family umbrella. Shishir Bajaj, whose stake in Bajaj Auto is valued at around Rs 2.5 billion, is tipped to sell his stake to the rest of the family. Similarly, the others too have been tipped to sell their stake in Shishir's companies. Family sources have reportedly said Shishir's stake in Bajaj Auto would not be sold to the public. But analysts say Rahul Bajaj and people acting in concert with him would have to pay much more as Shishir's companies are much smaller than Bajaj Auto.
IANS
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Coal sector posts
6 pc growth New Delhi, June 22 The coal sector carries a weight of 3.22 per cent in the index of industrial production (IIP) and grew by 6.3 per cent as against 2.1 per cent in the previous year. CIL has registered a profit of Rs 1,400 crore as against a loss of Rs 1,414 crore clocked in 2000-01. In terms of volumes, the production of CIL increased from to 279.66 million tonnes during the last fiscal, up from 268.14 million tonnes during the previous year. Sources in the Coal Ministry indicated that a major verification exercise of genuineness of all linked non-core consumers was being undertaken to tackle the problem of blackmarketing of coal.
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In the wonderland of investment Q:
I am a software professional. In my pay structure, I am entitled to LTA of Rs 5,000. To get this reimbursement, what types of bills can I produce? Actually I along with my parents went on a tour by a private travel agency in taxi. The bill is for around Rs 10,000. I am working for this company for 1 year 4 months. When I asked them to consider this bill for 2 years they are saying that after 2 years only you are allowed to get LTA of two years. Then I asked them to consider this for one year and 4 months period and reimburse Rs 6,650 (=5,000 for last year + 1,650 for 4 months of this year). But they are saying that for that also rules are not permitting. I want to know the exact policy of LTA. — Kiran A: You may produce any type of bills but the reimbursement will solely depend upon the income tax Rules related with LTA. Where the origin of journey and destination or part thereof are not connected by rail, the exemption shall not exceed i) where a recognised public transport system exists, the first class or deluxe class fare by the shortest route and ii) where such system does not exist, air-conditioned first class rail fare applicable to the distance. This exemption is limited for two journeys in a block of four calendar years commencing from the year 1986. Where an individual has not taken any LTA during one block, he can avail of it during the 1st year of the next block. If he does not travel during any of these years, he loses the privilege. Current block of four years is from 1.1.02 to 31.12.05. Normally tax matters deal with financial year but for LTA it is the calendar year. The LTA will be payable by the company as per its rules. If the rules permit LTA only to those employees who complete two years of service, only those employees are entitled to it. You should have checked the LTA rules before undertaking the journey. The ITA exemption applies to LTA paid by the company.
Q:
I have taken a Mediclaim policy for me and my family for the past three years. So far we have not filed a single claim. Let us say one of us develops a disease this year and claim the hospitalisation expenses. Next year again a hospitalisation takes place because of the same disease. Can New India Assurance refuse to pay up next year claiming it to be a preexisting disease? — V. A. Prabhu A: If the renewal is done after the first hospitalisation and before the second one the insurance company may take that stand. However, pre-existing disease is that which existed before one insures under Mediclaim the first time. Later the policy is only renewed. It does not stand to reason that a person who suffers from any disease once during the policy term cannot be covered for the same disease after that. A policy-holder may soon run out of being able to be covered under the policy.
Q: 1. My son is an NRI, a medical
practitioner in Syracuse. He is having an NRI account in SBI, Tirupati with some deposits. He intends to purchase a house worth Rs 90 lakh in Hyderabad (AP) India. Is it necessary to obtain Income Tax
declaration certificate after 1st July, 2002. 2. I am on a tourist Visa from India and not an NRI. My son is presenting me with the following articles. Can I take them to India without paying custom duty in India. 1. LapTop 2. Curd Chrisler ($8) 3. Micro Oven ($60) 4. Bread Roaster ($20) — Lakshminarayana A: 1. No, He will not need a clearance from the ITO to buy a house. 2. Passengers, including foreign nationals, normally residing in India, who go abroad on a short trip of more than three days, can import as accompanying baggage new articles upto Rs 12,000 (except some prohibited articles) free of duty. Those who are abroad for 3 days or less, can import articles upto Rs 6,000. If you need more details, kindly note that I shall be covering this subject comprehensively in the near future. Unfortunately your language is little difficult to understand.
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by K.R. Wadhwaney Doubts over ticket auction The online auction of air tickets in the USA has been in operation for about five years. The exercise there is successful to both operators and consumers because flights to several destinations are many and airline bosses are ever innovative. In the USA, it is open market and there are no hypocratic tendencies plaguing the trade. In India, the online auction of air tickets has been initiated on the domestic sectors by a private operator. Though initiators claim that selling air tickets through auction is the future of travel, many airline experts opine that the exercise will not be successful. The government-owned airlines seem to be unwilling to follow it. They may introduce different kinds of innovations to woo passengers instead of the online auction.
Heathrow slot For years, India has been endeavouring to get an additional Heathrow slot. But the British authorities, clever and articulate as they have been , secure all that they went but give nothing to India in return. Under the bilateral agreement, India can have six more slots. But time will tell whether Shahnawz Hussain’s efforts will bear fruits or it will be yet another futile exercise. Whether Air India gets another slot or not, British Airways and its rival Virgin will have their pound of flesh. British Transport Secretary Alistair Darling was darling to Hussain but whether he will be darling in dealings will be known shortly.
Recession Travel trade continues to pass through a very critical phase. Japan Airlines has suspended its bi-weekly flights to India because of uncertain climate obtaining in the sub-continent.
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by Praful R. Desai Award of back wages Q: Whether award of full back wages for nearly five years to a person who was in service on daily wages only for a short period with frequent spell of absence, proper one? Ans: In HUDA v Devi Dayal the S.C. held thus: The respondent was engaged on daily wages as helper on 1-8-94. He worked upto 17-10-95, when his services were dispensed with. According to the appellant he did not work continuously during that period and he was frequently remaining absent from duty for which a show cause notice was issued to him. It is an undisputed fact that no retrenchment compensation or one month’s notice or pay in lieu thereof was offered to the appellant. On the admission of the authority that the workman rendered duty for 340 days during the year preceding the date of termination, the Labour Court held that the termination was illegal, being contrary to the provisions of the I.D. Act. Hence he directed reinstatement with continuity of service and full back wages. Hence this appeal. The S.C. was of the view that having regard to the facts of the case, the award of full back wages covering a period of nearly five years is not warranted. Giving reasons, the S.C. said, firstly, it is to be noted that the respondent was in service for a short period with frequent spells of absence. The second and more important aspect is that there is a reasonable possibility of the respondent being gainfully employed somewhere else. The respondent was working as a helper which, apparently involves performance of work of manual labourer. In all probability, he would have been working somewhere and earning daily wages, if not regularly, at least for some days in a month. The respondent did neither assert in the claim statement nor did he give any evidence that he could not earn anything throughout by way of daily wages or otherwise during his long interregum. The question whether the appellant is an ‘industry’ need not be gone into for the reason that the notice in the SLP is confined to the question of back wages only. Considering all these aspects, lit would not be sound exercise of discretion to saddle the appellant with the liability of full back wages. The S.C. was inclined to think that the award of back wages to the extent of 50% would be proper and justified, on the peculiar facts of this case. Accordingly the award of the Labour Court was modified by the S.C. and the appeal was partly allowed. |
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Karnataka Bank Nepal airlines Kangra coop bank Rice export MRTPC member CNBC session Export Corpn PNB meeting |
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